Wednesday, February 10, 2010

Mugabe is at it again

White-owned companies in Zimbabwe will be forced to hand control to black businessmen under laws reminiscent of those that led to the seizure of the nation's farms. The regulations demand that companies, including foreign firms, hand over at least 51% of ownership to black Zimbabweans. Thousands of businesses, including the operations of Barclays bank, Standard Chartered bank and mining company Rio Tinto, will be affected. They must submit their plans to comply by March 1, 2010. Owners who fail to comply will face jail sentences.

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